Shares of Micron Technology and SanDisk came under heavy selling pressure on Friday as a broad retreat in semiconductor stocks gathered pace. Investors reassessed the outlook for artificial intelligence-related names following Broadcom's latest earnings report and a stronger-than-expected US jobs report.
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Micron stock was falling again Friday even after confirmation it has qualified to supply the latest high-bandwidth memory to Nvidia.
Micron stock (NASDAQ: MU) has delivered one of the most extraordinary rallies in semiconductor history, but Wall Street is becoming increasingly cautious about how much future growth is already reflected in the share price. The memory-chip maker has become one of the biggest winners of the artificial intelligence boom, with its shares up about 840% over the past year and its market value crossing the $1 trillion mark.
A screenshot circulating on r/MU_Stock shows a brokerage account went from $258,506.22 in buying power to $2,971,054.95, a 823.97% year-to-date gain, on a single trade.
Micron Technology, Inc. MU has been one of the biggest winners in the semiconductor space this year. The memory chip giant has benefited from the explosive growth of artificial intelligence (AI) and high-performance computing (HPC), which are driving unprecedented demand for advanced memory solutions.
Micron Technology (NASDAQ:MU | MU Price Prediction) just joined the trillion-dollar club after a 19.29% single-day surge on UBS analyst Timothy Arcuri's price target hike from $535 to $1,625.
Micron (MU) closed at $1 in the latest trading session, marking a +2.76% move from the prior day.
Chart 1 The relationship between Nvidia and Micron is considerably closer than many investors realize.
Shares of Micron Technology (NASDAQ:MU | MU Price Prediction) are trading around $1,053 midday Tuesday, up moderately on the session and extending an impressive 93% gain over the past month.